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  • State of the Market

    June 25, 2025
    The alternative assets industry is significantly transforming as enterprises face mounting pressures from exponential Assets Under Management (AUM) growth, heightened regulatory scrutiny, and increasing operational complexities. With global alternatives on track to surpass US$30 trillion in AUM by 2030, asset managers must upgrade their legacy infrastructure to support modular, cloud-native platforms capable of delivering near-instant reporting, ESG transparency, and digital fund distribution. Regulatory developments, such as the SEC’s 2025 private fund rules and Europe’s AIFMD II, are catalyzing this shift, enforcing tighter requirements around liquidity, performance disclosure, and investor protection. This report provides a comprehensive view of how alternative asset firms – alongside fund administrators, custodians, brokers, and Global System Integrators (GSIs) – are reshaping their IT strategies. Key themes include the adoption of AI-powered NAV and fee engines, real-time data fabrics, RegTech rule engines, and tokenization-ready fund structures. The study explores technology priorities across asset classes such as private equity, hedge funds, real estate, infrastructure, and private credit, highlighting use cases from algorithmic trading to ESG-led carbon dashboards. It also maps strategic actions for stakeholders seeking to capture demand from wealth channels and improve agility across investment and compliance functions. The report offers a detailed roadmap for technology modernization and ecosystem collaboration to ensure long-term competitiveness in a rapidly evolving market.
  • State of the Market

    June 06, 2025
    Banks are navigating a complex environment of revenue pressures, cost challenges, and rising regulatory and security demands. Despite a slowdown in growth, they remain committed to targeted IT investments in customer experience, AI, cybersecurity, cloud, and modernization to enhance efficiency, resilience, and competitiveness. This report examines how enterprise technology priorities are shifting across key Lines of Business (LoBs) – retail banking, commercial banking, payments, and lending – with a growing focus on AI-led transformation, digital workflows, and automation. It also explores regional developments, particularly in Europe and the UK&I, where PSD3, ESG mandates, and real-time payments are reshaping the banking technology agenda. Cybersecurity is gaining further prominence as banks move away from fragmented controls toward more integrated and scalable security strategies. At the same time, core and horizontal technology providers are enabling platform-driven modernization and process transformation. These shifts are mandating providers to align their capabilities with evolving enterprise priorities, including domain-specific innovation, regulatory alignment, and outcome-based delivery. While outsourcing softened in 2023-24, the report outlines how a cautious recovery is expected in 2025 as banks reassess sourcing models to support long-term transformation goals. Scope Geography: global Industry: banking and financial services Contents In this report, we examine: Evolving enterprise technology priorities and spend areas Regional trends in the UK&I and Europe regions Themes driving growth opportunities across banking LoBs Customer experience as a core digital transformation priority Increasing AI adoption across banking value chains Strengthening data security amid rising digital fraud Technology providers’ role in enabling modernization
  • Tech Launch Perspective

    May 29, 2025
    Backbase’s AI-powered banking platform represents a strategic shift in how banks embed AI across their operations. This Technology Launch Perspective explores the enterprise context behind Backbase’s launch, including demand for unified data layers, real-time decision-making, and AI-driven personalization. As banks push to operationalize AI, the platform’s Intelligence Fabric, agentic AI capabilities, and embedded AI Factory aim to deliver measurable outcomes in customer engagement, employee enablement, and productivity. The report also identifies execution risks tied to integration with legacy core systems, platform scalability, and enterprise-grade governance – key factors for financial institutions operating under strict regulatory frameworks. While Backbase offers an advanced product suite, the report calls for greater clarity around transparency mechanisms, scalability metrics, and implementation maturity to enable broader enterprise adoption. Scope Geography: global Industry: banking and financial services Contents The report examines: Key enterprise demand themes/determinants, issues, and objectives Backbase’s announcements, current positioning, and offerings’ alignment Everest Group’s review of Backbase’s product announcements
  • Thematic Report

    May 28, 2025
    The report examines the evolution of connected banking through the lens of physical AI – autonomous, intelligent devices capable of executing financial services in real time. As financial institutions look beyond traditional channels, physical AI opens new frontiers where everyday objects, such as smart appliances, vehicles, and industrial systems, become financial endpoints. This transition accelerates the emergence of banking-as-a-lifestyle, in which banking is seamlessly woven into customer experiences, enabled by AI-driven touchpoints and embedded decision-making. The report delves into the market forces propelling this shift, from advances in edge computing and AI frameworks to the growing consumer demand for convenience and personalization. It outlines how banks must rethink their products, infrastructure, and partnerships to remain relevant and provides a roadmap to operationalize physical AI, from strategy and governance to ecosystem integration and risk management. Real-world use cases in smart homes, connected cars, and autonomous supply chains demonstrate how financial institutions can lead the next wave of transformation by embedding services into device-driven interactions. Scope Geography: global Industry: banking and financial services Contents The report explores: How physical AI is reaching real-world autonomy Banking-as-a-lifestyle as the next frontier Smart devices as new transaction channels Embedding banks into lifestyle ecosystems Physical AI and connected banking enabling autonomous financial services Strategic and operational imperatives to scale physical AI
  • Webinar

    May 20, 2025
    Across the BFSI landscape, banks, insurers, and financial institutions are under mounting pressure to reduce costs, enhance customer satisfaction, and remain compliant—all while delivering measurable value in a volatile economic environment. Traditional effort-based service models are quickly becoming outdated as Gen AI and agentic AI drive fundamental transformation across operations. Watch Everest Group experts Ronak Doshi, Partner, Abhimanyu Awasthi, Practice Director, Kriti Gupta, Practice Director, and Sakshi Maurya, Senior Analyst, for a dynamic webinar that explored the emergence of Systems of Action (SoA), a set of intelligent, autonomous platforms integrating data, insights, AI-driven decisions to automatically orchestrate enterprise-wide actions in real time. The discussion unpacked the evolution of traditional systems of record to intelligent systems of action in banking, capital markets, financial crime compliance (FCC), and insurance segments. It also highlighted how SoA builders can combine data activation, decisioning, process orchestration, and execution as the key to unlocking future value in BFSI. As sourcing challenges become more complex, the panel will also delve into how innovation-led, agile partnerships are becoming essential. What questions did the webinar answer for the participants? How will service delivery value measures evolve in the BFSI landscape and beyond? How can systems of action (SOA) builders—encompassing data activation, decisioning, orchestration, and security—be effectively applied within the BFSI sector? In what ways will Gen AI and agentic AI transform processes and reshape the perception of value across IT, tech, ops, and service delivery? What strategies can enterprises, GBS, and providers adopt to effectively articulate and deliver measurable, outcome-driven value? How can stakeholders across IT, tech, ops, and service delivery partner with the broader ecosystem to drive innovation and enhance overall value?
  • Provider Compendium

    April 30, 2025
    Intelligent Document Processing (IDP) products remain vital in enterprises’ automation technology portfolios. It uses AI technologies, such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), and machine/deep learning, to classify and extract information from structured, semi-structured, and unstructured documents. Generative AI and agentic AI advances are driving providers to enhance their IDP capabilities. IDP integrates with internal applications, systems, and other automation platforms, offering a non-invasive approach. Continuous advances in IDP products result in ongoing improvements in capabilities, features, and functionalities. In the Banking and Financial Services (BFS) industry, the demand for specialized processing solutions is growing due to the document-intensive processes and their substantial presence in the broader IDP market. Since the BFS industry’s highly regulated nature of BFS industry, enterprises must carefully select a reliable and compliant IDP technology provider to successfully implement IDP. This compendium provides accurate, comprehensive, and fact-based snapshots of 29 leading IDP technology providers, including 10 leading BFS-specific IDP technology providers. Each profile includes the provider’s company overview, recent deals and announcements, market adoption and client portfolio mix, product features, and functionalities. Scope All industries and geographies The report examines IDP solutions that are sold on license, regardless of any ongoing business or IT process outsourcing or managed services This assessment is based on Everest Group’s annual RFI process for the year 2024-25, interactions with leading IDP technology providers, client reference checks, and an ongoing analysis of the IDP market Contents In this report, we: Assess providers’ recent deals and announcements Evaluate IDP products’ market adoption Analyze providers’ client portfolio mix and partnerships Examine providers’ product features
  • PEAK Matrix®

    April 01, 2025
    The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, BFSI enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-code/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that are often lacking in larger providers. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we analyze 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Scope Industry: insurance and financial services Geography: global Contents In this report, we: Assess 33 IT services specialists Position providers as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations
  • PEAK Matrix®

    March 27, 2025
    Intelligent Document Processing (IDP) products remain vital in enterprises’ automation technology portfolios. IDP uses AI technologies, such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), and machine/deep learning, to classify and extract information from structured, semi-structured, and unstructured documents. Generative AI and agentic AI advances are also driving providers to enhance their IDP capabilities. The Banking and Financial Services (BFS) industry has shown strong demand for specialized processing capabilities due to numerous document-intensive processes and its significant market presence in the IDP market. IDP products’ advanced capabilities, features, and functionalities further drive this demand. Given the industry’s highly regulated nature, enterprises must collaborate with the right IDP technology providers to successfully implement IDP. In this report, we analyze 29 leading IDP technology providers’ and 10 BFS industry-specific IDP providers’ capabilities on Everest Group’s PEAK Matrix®. This research helps buyers select the right-fit technology providers for their needs and empowers technology providers to benchmark themselves against their competition. Scope All industries and geographies The report focuses on IDP solutions sold on license, regardless of any ongoing business or IT process outsourcing or managed services The report includes leading technology providers in the IDP market and providers that focus on the BFS-specific IDP market Contents In this report, we: Assess leading IDP technology providers and those specializing in BFS-specific IDP processes Position providers as Leaders, Major Contenders, Aspirants, and Star Performers Analyze the technology providers market’s competitive landscape Compare providers’ key strengths and limitations
  • Provider Compendium

    Feb. 14, 2025
    Banking and Financial Services (BFS) firms are increasingly seeking providers that offer integrated front- and back-office solutions to optimize costs, streamline operations, and enhance customer experiences. This provider consolidation trend promotes greater accountability, accelerates time-to-market, and improves overall customer satisfaction. Traditional front- and back-office service providers are evolving, with many providers expanding their capabilities to offer seamless end-to-end solutions across the entire value chain. This report explores the landscape of providers that have successfully integrated their offerings across key banking domains such as retail banking, lending, and payments. Some of these providers have secured large-scale, integrated deals through long-term client relationships, while others are capitalizing on opportunities within the small-to-mid market segment, particularly among FinTechs, where demand for comprehensive solutions is rapidly growing. This shift toward integrated service models is most prominent in North America, the UK, and the APAC region, where BFS enterprises are embracing these offerings to stay competitive and agile in a dynamic market. This compendium provides accurate, comprehensive, and fact-based snapshots of 16 providers providing front-to-back integrated services within the BFS industry. Each profile offers a detailed overview of the provider’s service focus areas, including adoption by geography, industry, buyer size, recent developments and investments, key intellectual property / solutions, and case studies. Scope Services: Integrated BFS operations Industry: BFS Geography: global Contents This report features 16 providers’ profiles and includes: Provider overview: adoption by geography, industry, and buyer size Recent developments: in-house investments (expansion, technology development, and talent development) and external investments (mergers and acquisitions and partnerships) Case studies: examples of the scope of work covering front-to-back integrated services within the BFS industry Proprietary solutions: key IP/solutions in the integrated BFS operations domain Membership(s) Customer Experience Management (CXM) Services, including Contact Center Outsourcing Banking Business Process Sourcing and Vendor Management
  • Webinar

    Feb. 04, 2025
    The BFSI (banking, financial services, and insurance) landscape is evolving at an unprecedented pace. This industry is undergoing a seismic shift fueled by rapid technological advancements, evolving customer expectations, increasing regulatory scrutiny, and new business models. Watch our BFSI experts as they uncover how this industry is poised to transform over the next five years. Learn their perspectives on this evolution and pinpoint the opportunities and challenges that lie ahead. Secure your spot today and take a leading role in redefining the future of BFSI. What questions did the webinar answer? How is the BFSI industry expected to evolve in the next five years, and what are the emerging opportunities and challenges? What is the future of BFSI products, customer experiences, and business models? What will the role of AI and other emerging technologies be in redefining BFSI operations and driving innovation? What are the sourcing best practices to incentivize supplier behavior and drive better innovation and governance?